Animoca Brands: Publishers in Asia are more active in Web3 development
According to reports, Yat Siu, co founder and chairman of Animoca Brands, a Web3 game developer and investment company, said on Tuesday that Asian companies are more willing to adopt and invest in Web3 technology than their North American counterparts. Siu stated that among the major international game publishers and their 400 portfolio companies, companies located in Japan, South Korea, Hong Kong, and Southeast Asia are more active in discussing, building, and adopting technology, such as NFT and Metaverse, rather than in the United States.
Interpretation of this information:
In a recent report, Yat Siu, the co-founder and chairman of Animoca Brands, a Web3 game developer and investment company, claimed that Asian companies are more open and willing to invest in Web3 technology than their North American counterparts. Siu, citing major international game publishers and their 400 portfolio companies, highlighted the efforts of Japan, South Korea, Hong Kong, and Southeast Asia; these countries actively participate in discussing, building, and adopting NFT and Metaverse technology.
Web3 technology marks a significant shift from older web iterations to a more decentralized and secure internet. It leverages blockchain technology to enable efficient data access and management, requiring fewer intermediaries and better user data privacy. The non-fungible token or NFT, commonly associated with Web3, guarantees ownership and uniqueness to digital assets and offers unique revenue opportunities.
The Metaverse, another Web3 advancement, portrays an immersive virtual world that is a culmination of augmented reality (AR), virtual reality (VR), blockchain, and other technologies. It promises an environment where users can engage in a variety of activities, including gaming, social interactions, and shopping.
Siu’s remarks suggest that North American companies are more hesitant to adopt the latest technology despite its apparent benefits. The reasons might vary from cultural, regulatory, or financial barriers. However, this brings to light the need for North American firms to transform with the changing times, as Web3 represents not only entertainment but also financial disruption.
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